Olabode Urges Cooperative Societies To Embark On Profitable Ventures

Ekiti State Commissioner for Rural Development and Community Empowerment, Chief Folounso Olabode has advised cooperative societies in the State to embark on profit making ventures that could improve their investment profiles.

The Commissioner, who gave the advice at the 54th Annual General Meeting of the Ekiti Ifetayo Cooperative Multipurpose Union Limited held in Ado Ekiti, urged cooperative societies to drastically reduce their recurrent expenditure so that they can become more viable.

Speaking through the Deputy Director of the Cooperative Services Mr. Dayo Falua, Commissioner Olabode lauded the efforts of the societies at improving the lots of their members.

The Commissioner promised to assist the Union to recover all outstanding loans from decaulters debts within the ambit of the law.

He urged them to troop out amasses for the 1st Ekiti Cooperative day, adding that the state government would form announce date for the celebration.

The Commissioner urged the 54 societies that made up of the union to pay up their audit and supervising fees.

Earlier in his welcome address, the re-elected president of the Union, Elder Isaiah Oluwadare Dada who commended the union members, for their support for the EXCO noting that the Union realized One Million, Three Hundred and sixty Thousand Naira from rents with a net profit of one million, seven hundred and fifty thousand, six hundred naira only.

The president revealed that their investment profit stated at Eighteen Million Naira appreciating that all these were made possible as a result of the cooperation and determination of the members.

While thanking Governor Fayemi for the recognition given to the cooperative societies in the State, Elder Dada promised to reciprocate by supporting the Governor in his bid to move the state forward.

Last modified: October 6, 2013